Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1887-12-16
MESSAGE,
TARIFF AND REVENUE.

,is immediate and careful consideration
amount of money annually received
,urh the operation of the present laws,
Inn the industries and necessities of the
,oe. largely exceeds the sum necessary
meat the expenses of the government.
yben we consider that the theory of our
,lnlions guarantees to every citizen the
sndowment of the fruits of his industry
Enterprise, with only such deduction as
., share toward tho careful and economi-
maintenance of the government which
,ncts him, it is plain that the exaction of
we Than this is indefensible and culpa-
l,etrayal of fairness and justice. This
,np. inflicted upon those who
- the burden of national taxation, like
her wrongs, multiplies brood of evil
nseuuences.
isl as a conduit, conveying the people $
fhute to the legitimate objects of its ex-
nditure. becomes boarding place for
uey needlessly withdrawn from the trade
the people, use, thus
FULFILLING OUR NATIONAL ENERGIES,
(lrping our country's development, pre-
hitting investment in productive enter
Uses, threatening disturbance and working
hemes of public plumber.
pher new, and it has more than once of late
ZEN submitted to the people s representa-
hes in the congress, who alone can apply
remedy: and yet the situation still con
tlcs with aggravated incidents, more than
pr presaging financial CONFUSION and
Ete,,rcad disaster. 1t will not do to neg
ct this situation, because its dangers are
ry palpably imminent and apparent. They
81 none in the less certainly and the I'M
Il tod i
billy they will be precipitated upon us.
On the Both of June, 1885, the excess of
ranue over public expenditures, after COM
wing with the annual requirements of the
king fund act, was $17, $50, 735. 81: dur
The year ended June 80, 1856, such ex-
S, amounted to $40, 405. 545. 20. and during
2 year ended June 30, 1887, it reached the
M of $50, 5G7, 849. 81.
lhe annual contributions to
THE SINKING FUND,
t-ng the three years alone specified.
Pounted in the aggregate to S13, sos, $50,
tl deductlng from the surplus as stated,
pre- made by calling in for that purpose
tsstanding 3 per cent. bonds of the gov
ument. During the six months prior to
bne 10. 1887. the surplus revenue had
own so large by repeated accommodations,
BID IL was feared the withdrawal OF this
Fpai sum Of money needed by the people
paid SO affect the business of the country,
nj the sum of $40, 864, 100 of such sur
Us was applied to the payment of the
nlcipal and interest of 3 per cent. bonds
II outstanding, and which were then paya
at the option of the government.
The precarious condition of financial af-
rs among the people still needing relief,
n,ediately after the 30th day of June.
p, the remainder of the 3 per cent. bonds
n outstanding. amounting. with princi-
and interest, to the sum of SIS, ST., 800,
kHtributions for the current fiscal year.
Notwithstanding the operations of the
|slsury department, the presentation of
DISTRESS IN BUSINESS CIRCLES
|t only continued, but increased, and alb
Elte peril seemed at hand. In these cir
Instances the contribution to the sinking
mpleted by the expenditure of $27, GG4.
B SIS in the purchase of government
,nds not yet due, bearing 4 and Az per
int. interest, the premium paid thereon
Geraging "a per cent. for the former, and
per cent. for the latter.
In addition TO this, the interest account
Fcruing during the current year upon the
Fiotanding bonded indebtedness OF the
Pvornment was to some extent anticipated,
|A banks selected as repositories of public
(oney We're permitted to somewhat i'll
ease their deposits. While the expedients
(as employed to release to the people the
|pney lying i'll the treasury served to avert
|'nediate danger, our surplus revenues
(ye
CONTINUED TO ACCUMULATE,
fe excess for the present year amounting. on
Fe iirst day of December, to $685. 25S, ST. 49,
ii estimated to reach the sum of S113, O0O-
n on the :'0th of June next, at which date
Is expected that this sum, added to prior
Foundations, will swell the surplus III the
|nasury to $40, 600, 600. There seems to
\ 40 assurance that with such a withdrawal
fon use of the peoples circulating me
+ near future be subjected to the same dis
PISS which was quite lately produced from
p same cause, and while the functions of
n national treasury should be few and
|mpic, and while its best condition would
cached, believe, by its entire discon-
(eclion with the private business interests.
4 when by a perversion of its purposes it
gy holds money uselessly snbtracted from
b" channels of trade, there seems to be
'son for the claims that Il legitimate
f@u,s should be devised by the government
"estore, in an emergency, without
PASTE Or extravaganza, such money
such an emergency arises. there now
Fl,t' no clear and undoubted
EXECUTIVE POWER OF RELIEF
Heretofore the redemption of the 8 per
fhls. only, which were payable at the OPP
81 of the government. has afforded a
.Ans for the disbursement of the excess Of
revenues: but these bonds have all been
f'lrcd, and there are no bonds outstand-
/, the payment of which wa have the right
INSIST upon.
he contribution to the sinking fund,
lri furnishes the occasion for expendi-
rs in the purchase of bonds, has been al
+dy made for the current year, SO there is
outlet i'll that direction. In the present
lie i' of legislation the pretense of any eS-
fu,iFc power to restore, at this Time any
{rI or the over-surplus revenues to the
opse by its expenditures, consists i'll the
'posltlon that the secretary of the treas
may, enter the market and purchase
bonds OF the government not yet due,
rate. of premium to be agreed upon.
nc only provision of law from which such
'o"er could be derived is found III an
{PFoprlation bill passed a number of years
81 ana 1t is subject to the supposltlon that
vas intended as temporary and limited Ill
DUPLICATION, instead Of conferringa
'SiiNuING DISCRETION AND AUTHORITY.
condition ought to exist which would
W the grant of power to a single OIL
~, iM,, upon his Judgment of its necessity, to-
'nioio from Or release to the business OF
People, in an unusual manner, money
r a. we financial situation of the country;
o ~" II 1t is deemed wise to lodge in the sec
r ,@uy or the treasury the authority, in the
VIII lunCture to DurchaSe bonds, he